What was the first major U.S. stock-market crash, which began in March 1792?

The first major U.S. stock-market crash, which began in March 1792, was the Panic of 1792.

The panic grew from speculation in securities and the activities of William Duer and Alexander Macomb, who borrowed heavily to buy government securities and bank shares. When they could not meet obligations, selling pressure spread through New York and Philadelphia.

The crisis threatened the young United States financial system. Secretary of the Treasury Alexander Hamilton responded by directing purchases of government securities and using federal credit to restore confidence. The intervention helped stabilize markets by late May 1792.

The panic occurred only a few years after the 1787 Constitution and during the early development of U.S. public finance. It is distinct from the later Panic of 1819 and from the Buttonwood Agreement, the 1792 arrangement that helped establish organized securities trading in New York.